(Reference Translation)

May 12, 2023

Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
<under Japanese GAAP>
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

MIKUNI CORPORATION
Prime Market of the Tokyo Stock Exchange
7247
https://www.mikuni.co.jp/
Hisataka Ikuta, President, CEO & COO
Hisashi Shibata, General Manager Accounting Dept. Corporate Division
TEL: +81-3-3833-0532

Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file the Annual Securities Report:
Preparation of supplementary material on financial results:
Holding of financial results presentation meeting:June 28, 2023
June 29, 2023
June 28, 2023
Yes
Yes (for institutional investors and analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated financial results for the fiscal year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)
Net sales

Operating income

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen

March 31, 2023

93,847

16.2

3,089

(6.9)

2,644

March 31, 2022

80,789(7.1)

3,318 483.0

Note: Comprehensive income

Fiscal year ended March 31, 2023:
Fiscal year ended March 31, 2022:

Net income attributable toowners of parent

Ordinary income% Millions of yen%(15.7)(1,682)–

3,137 425.5

1,318

–

714 million yen [(79.4)%]
3,465 million yen [77.3%]
Ratio of ordinary
Ratio of operating
income to total
income to net sales
assetsBasic earnings
per share

Diluted earnings
per share

Return on equity

Fiscal year ended

yen

yen

%

March 31, 2023

(50.13)

–

(5.4)

2.7

3.3

March 31, 2022

39.31

–

4.5

3.3

4.1

Reference: Share of income (loss) of entities accounted for using equity method
Fiscal year ended March 31, 2023: 7 million yen
Fiscal year ended March 31, 2022: (74) million yen%%

(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

yen

March 31, 2023

100,108

32,19931.4

936.50March 31, 2022

96,917

31,91832.1

925.67

Reference: Equity

As of March 31, 2023:
As of March 31, 2022:

31,431 million yen
31,064 million yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodFiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

4,880

(5,441)

(940)

3,712

March 31, 2022

5,078

(2,371)(2,474)5,060

2.

Dividends
Annual dividends

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

Total dividends(Total)Dividend
payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

yen Millions of yen

%

%

340

25.4

1.1

340

–

1.1

First
quarterend

Secondquarterend

Third
quarterend

Fiscalyearend

yen

yen

yen

yen

–

5.00

–

5.00

10.00

–

5.00

–

5.00

10.00

–

5.00

–

15.00

20.00

Total

42.0

Year-end dividend for the fiscal year ending March 31, 2024 (Forecast) of 15.00 yen includes a commemorative dividend of
10.00 yen on the 100th anniversary of the Company’s founding.

3.

Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)
Net sales

Fiscal year ending
March 31, 2024

Operating income

Ordinary income

Net income
attributable toowners of parent

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

yen

99,000

5.5

4,000

29.5

3,300

24.8

1,600

–

47.67

* Notes(1) Changes in significant subsidiaries during the fiscal year under review (changes in specified subsidiaries
resulting in changes in the scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
b. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement of prior period financial statements after error corrections: None
(Note) For details, please refer to “(5) Notes to consolidated financial statements (Changes in accounting policies)” of “4.
Consolidated financial statements and significant notes thereto” of the attached material.

(3) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023
As of March 31, 2022b.

Number of treasury shares at the end of the period
As of March 31, 2023
As of March 31, 2022c.

34,049,423 shares
34,049,423 shares

486,694 shares
490,219 shares

Average number of shares during the period
Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2022

33,560,925 shares
33,549,007 shares(Note) The Company’s shares held by the “Management Board Incentive Plan (BIP) Trust” and “Employee Stock
Ownership Plan (ESOP) Trust” are included in the number of treasury shares at the end of the period (450,580
shares as of March 31, 2023 and 454,380 shares as of March 31, 2022).
In addition, the Company’s shares held by the “Management Board Incentive Plan (BIP) Trust” and “Employee
Stock Ownership Plan (ESOP) Trust” are included in treasury shares, which are deducted in calculating the average
number of shares during the period. (452,580 shares in the fiscal year ended March 31, 2023 and 464,749 shares in
the fiscal year ended March 31, 2022)

(Reference)

Summary of non-consolidated financial results

Non-consolidated financial results for the fiscal year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)
Net sales

Operating income

Ordinary income

Net income

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2023

40,9995.4(1,603)–492(64.6)

1(99.9)March 31, 2022

38,893(28.7)(1,072)

–

1,389

–

1,238

–

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

yen

yen

March 31, 2023

0.05

–

March 31, 2022

36.93

–

(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

yen

March 31, 2023

61,62819,43231.5

578.98March 31, 2022

66,231

19,37529.3

577.36

Reference:

EquityAs of March 31, 2023:
As of March 31, 2022:

19,432 million yen
19,375 million yen* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Disclaimer regarding forward-looking statements
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company at the time of the release of these materials. Actual results
may differ from the forecasts due to various factors.

[Attached Material]
Index

1. Overview of operating results and others ............................................................................................... 2(1) Overview of operating results for the fiscal year ............................................................................. 2(2) Overview of financial position for the fiscal year............................................................................ 4(3) Basic policy for distributing incomes, and dividends for the fiscal year under review and next fiscal
year................................................................................................................................................... 5
2. Status of the corporate group .................................................................................................................. 6
3. Basic concept regarding selection of accounting standards ................................................................... 6
4. Consolidated financial statements and significant notes thereto ............................................................ 7(1) Consolidated balance sheet .............................................................................................................. 7(2) Consolidated statement of income and consolidated statement of comprehensive income ............. 9(3) Consolidated statement of changes in equity ................................................................................. 11(4) Consolidated statement of cash flows ............................................................................................ 13(5) Notes to consolidated financial statements .................................................................................... 15(Notes on premise of going concern) ............................................................................................. 15(Changes in accounting policies) ................................................................................................... 15(Change in presentation) ................................................................................................................ 15(Segment information, etc.) ........................................................................................................... 16(Per share information) .................................................................................................................. 18(Significant subsequent events) ..................................................................................................... 18

-1-

1.

Overview of operating results and others(1) Overview of operating results for the fiscal year
In the current fiscal year (from April 1, 2022 to March 31, 2023), the Japanese economy showed agradual recovery as social activities normalized. On the other hand, the outlook remained uncertain due
to rising energy prices and exchange rate fluctuations. In the US and Europe, monetary tightening
accelerated, and there were concerns about the impact on the financial system in some areas. In China,
there were signs of a recovery from the suppression of economic activity, and the economies of ASEAN
countries and India continued to pick up.
In this business environment, the Group’s net sales amounted to 93,847 million yen (up 16.2% year-onyear) due to an increase in sales in the mainstay Automobile-related Products Business. However, due toan impact of rising raw-material costs and logistical expenses and other factors, operating income
amounted to 3,089 million yen (down 6.9% year-on-year). As a result, ordinary income amounted to
2,644 million yen (down 15.7% year-on-year). On the other hand, net loss attributable to owners ofparent stood at 1,682 million yen (net income attributable to owners of parent of 1,318 million yen in theprevious fiscal year), due in part to extraordinary losses incurred as a result of the reorganization of
production sites globally.
Operating results by segment are as follows.
(i)<Automobile-related Products Business>
Sales in this business, which centers on the manufacture and sale of fuel supply systems forautomobiles, motorcycles, and general purpose engines and engine-related functional components,
increased compared with the previous fiscal year. Despite the impact of parts shortages in the
supply chain, vehicle production was on a recovery track. In addition to rising demand for outboard
motors, especially in North America, the Indian market continued to be strong. Partly due to theimpact of foreign currency translation, net sales in this business amounted to 77,197 million yen (up16.5% year-on-year). However, due to an impact of rising raw-material costs, logistical expenses,
fuel costs and other factors, operating income amounted to 3,362 million yen (down 5.7% year-onyear).

(ii) <Household Appliances Device Products Business>
Sales in this business, which centers on the manufacture and sale of control systems for gas
appliances and water appliances, remained at the same level with the same period of the previous
fiscal year. In China, although the real estate recession continued and competition intensified, we
continued to expand sales and net sales in this business amounted to 6,786 million yen (up 0.5%
year-on-year). However, due to an impact of rising raw-material costs and fuel costs, operating loss
was 636 million yen (operating loss of 491 million yen in the previous fiscal year).
(iii) <Aircraft Component Import and Sales Business>
Sales of aircraft components increased from the previous fiscal year. Due to an increase inpassenger demand in conjunction with the normalization of social activities, as well as the
expansion of products handled, net sales in this business amounted to 2,545 million yen (up 57.6%
year-on-year), and operating income amounted to 347 million yen (up 21.5% year-on-year).
(iv) <Turf-care Equipment, etc. Sales Business>
Sales of the Turf-care Equipment, etc. Sales Business increased from the previous fiscal year. With
steady capital investment by customers, especially golf courses, net sales in this business were
4,806 million yen (up 24.0% year-on-year). Operating income was 63 million yen (operating loss of
33 million yen in the previous fiscal year), due in part to an improved product mix from a focus on
after-sales service.

(v) <Other Businesses>
Sales in this segment, which handles the manufacture and sale of welfare and care devices and otherproducts, increased from the previous fiscal year. Net sales in Other Businesses amounted to 2,509-2-million yen (up 9.2% year-on-year), buoyed by favorable needs for welfare and care devices.
Operating loss was 48 million yen (operating loss of 10 million yen in the previous fiscal year), due
to an impact of rising raw-material costs and an increase in import prices as a result of thedepreciating yen.
[Comparison table of operating results by segment]
Fiscal year ended
March 31, 2022
Operating
Net sales
incomeFiscal year ended
March 31, 2023
Operating
Net sales
income(Millions of yen)
Change inoperating income

Change innet sales
AmountRatio

Amount

Ratio

Automobile-related Products
66,245
3,567
77,197
3,362
10,952
16.5%(204)(5.7)%
Business
Household Appliances Device
6,753
(491)
6,786
(636)
33
0.5%
(144)
–
Products BusinessAircraft Component Import
1,615
286
2,545
347
930
57.6%
61
21.5%
and Sales Business
Turf-care Equipment, etc.
3,877
(33)
4,806
63
929
24.0%
96
–
Sales Business
Other Businesses
2,297
(10)
2,509
(48)
212
9.2%
(38)
–
Total
80,7893,318
93,847
3,089
13,057
16.2%(229)(6.9)%
Reference: exchange rate
1 USD = 109.90 yen
1 USD = 131.62 yen––(Notes) 1. The figures inside parentheses in the column presenting operating income indicate the amount of operating loss.
2. Amounts less than one million yen are discarded.
3. “–” indicates a negative change in the current fiscal year or the previous fiscal year or both.

[Reference] Performance trends for each quarter from the fiscal year ended March 31, 2022 to fiscal year ended
March 31, 2023
(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

First quarter

Second quarter

Third quarter

Fourth quarter

First quarter

Second quarter

Third quarter

Fourth quarter

AutomobileNet sales
related Products Operating
incomeBusiness
HouseholdNet sales
Appliances
Device Products Operating
incomeBusiness
Aircraft
Net sales
Component
Import and Sales Operating
incomeBusiness
Turf-care
Net sales
Equipment, etc. Operating
Sales Business income

15,848

16,627

16,244

17,524

17,233

19,66419,757

20,542

Net sales
OperatingincomeNet sales
OperatingincomeOther
Businesses
Total

1,263

804

758

740

468

294

1,025

1,573

1,512

1,755

1,634

1,851

1,389

1,748

2,012

1,635

(75)

(89)

(111)

(215)

(209)

(317)

(46)

(62)

287

332

593

402

554

704

671

615

(22)

17

244

46

138

280

128

(199)

1,017

1,109

903

846

923

1,416

1,081

1,385

8

(0)

4

(45)

16

72

(10)

(15)

516
9
19,183
1,183

548
(13)
20,373719

597
519,972
901

634
(12)
21,259514

537
020,637
415

640
(21)
24,173
308

638
(39)
24,161
1,057

694
11
24,874
1,307(Notes) 1. The figures inside parentheses in the row presenting operating income indicate the amount of operating loss.
2. Amounts less than one million yen are discarded.

-3-

Future outlook
As for future global economic trends, while the economy is expected to continue to pick up as social activities
normalize, it is expected to fluctuate due to various risks such as rising interest rates in the US and Europe, in
addition to high energy prices and escalating geopolitical risks. In the supply chain, although there are stillconcerns such as semiconductor supply shortages, the Company will strive to aggressively expand sales. In
addition, we will respond to cost increases by appropriately passing them on to selling prices.
In view of this operating environment, the Group’s forecast of consolidated business results for the next
period (fiscal year ending March 31, 2024) as of the time of writing is as follows.
Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)
Net sales

OperatingincomeNet income
Ordinary income attributable toowners of parent
3,300
1,600

(Millions of yen)
Basic earnings
per share
(Yen)
47.67

Current Forecast
99,0004,000
Results for the current fiscal
93,8473,089
2,644(1,682)(50.13)year(Note) The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and certain assumptions deemed reasonable. Actual results may differ significantly
from the forecasts due to various factors.

(2) Overview of financial position for the fiscal year
a. Assets, liabilities and net assets(Assets)
Total assets at the end of the fiscal year under review amounted to 100,108 million yen, an increase of
3,191 million yen from the previous fiscal year-end.
Current assets amounted to 53,402 million yen, an increase of 2,391 million yen from the previous fiscal
year-end. This was mainly due to an increase in accounts receivable - trade of 1,358 million yen and anincrease in inventories of 1,122 million yen.
Non-current assets amounted to 46,705 million yen, an increase of 799 million yen from the previous
fiscal year-end. This was mainly due to an increase of 606 million yen in investment securities.
(Liabilities)
Total liabilities at the end of the fiscal year under review amounted to 67,909 million yen, an increase of
2,910 million yen from the previous fiscal year-end.
Current liabilities amounted to 37,579 million yen, an increase of 4,025 million yen from the previous
fiscal year-end. This was mainly due to an increase of 4,013 million yen in short-term borrowings.
Non-current liabilities amounted to 30,330 million yen, a decrease of 1,114 million yen from the previous
fiscal year-end. This was mainly due to a decrease of 1,189 million yen in long-term borrowings.
(Net assets)
Net assets amounted to 32,199 million yen, an increase of 280 million yen from the previous fiscal yearend. This was mainly due to an increase of 1,734 million yen in foreign currency translation adjustment
despite the recording of 1,682 million yen in net loss attributable to owners of parent.

-4-

b. Cash flows
Cash and cash equivalents (hereinafter, “cash”) for the fiscal year under review decreased by 1,347
million yen from the previous fiscal year-end, to 3,712 million yen.
The respective cash flow positions for the fiscal year under review are as follows:(Cash flows from operating activities)
Net cash provided by operating activities in the fiscal year under review was 4,880 million yen (5,078
million yen was provided in the previous fiscal year). This was mainly due to the fact that positive factors
based on depreciation of 5,149 million yen and production sites reorganization expenses of 2,295 million
yen exceeded negative factors based on an increase in trade receivables and contract assets of 858 million
yen and income taxes paid of 1,588 million yen.
(Cash flows from investing activities)
Net cash used in investing activities in the fiscal year under review amounted to 5,441 million yen (2,371
million yen was used in the previous fiscal year). This was mainly due to 6,139 million yen in thepurchase of non-current assets.
(Cash flows from financing activities)
Net cash used in financing activities in the fiscal year under review totaled 940 million yen (2,474 million
yen was used in the previous fiscal year). This was mainly due to dividends paid of 341 million yen.
(3) Basic policy for distributing incomes, and dividends for the fiscal year under review and next fiscal
year
The Company, taking into consideration the operating results of the fiscal year and future businessdevelopment, has a basic policy regarding dividends from surplus, etc. of carrying out result-based
distributions in a stable manner based on a medium- to long-term perspective.
Stable dividends and future business development, etc. were comprehensively examined, and as a result,a plan is in place to submit a proposal at the 101st Ordinary General Meeting of Shareholders, which isscheduled to be held on June 28, 2023, to a regular year-end dividend of 5 yen per share of commonshares of the Company.
Regarding projected dividends for the next fiscal year (ending March 31, 2024), the Company expects,
based on earnings forecasts and current forecasts of the financial position, to pay a regular interim
dividend of 5 yen per share of common shares, a regular year-end dividend of 5 yen per share, and a
100th anniversary commemorative dividend of 10 yen, giving projected annual dividends of 20 yen per
share.
(Note)

The forecasts for the next fiscal year contained in these materials are forward-looking statements including risks
and uncertainties. Therefore, the actual results may differ from the forecasts stated herein due to changes ofvarious factors.

-5-

2.

Status of the corporate group
The Group (the Company and its affiliates) consists of the Company (MIKUNI CORPORATION), 23
subsidiaries, and an associate. The Group is engaged in manufacturing and sales of fuel injection-related
products, carburetors, heaters, pumps, gas control devices, etc., the import and sales of aircraftcomponents, sales of turf-care equipment, etc., and real estate leasing and other services.
Business organization chart
Reportable segments are the Automobile-related Products Business, the Household Appliances Device
Products Business, the Aircraft Component Import and Sales Business, and the Turf-care Equipment, etc.
Sales Business. The business organization chart of the Group as of March 31, 2023 (showing theCompany and its main affiliates) is shown below.

Overseas

Domestic
Manufacturing and sales company

Manufacturing and sales companies

Manufacturing and sales companies(Entity accounted for using equity
method)Mikuni R. K. Corporation

Other
Businesses(Consolidated subsidiary)
Mikuni Life & Auto Co.,Ltd.
Sunrise Medical Japan Co.,Ltd.

(Consolidated subsidiary)Corbin Properties Incorporated

Finished goods/
merchandise

3.

External customers(Consolidated subsidiaries)
Mikuni American Corporation
Mikuni Europe GmbH
Mikuni Taiwan Corporation
Mikuni Management (Shanghai) Co.,
Ltd.

Services company
Other Businesses

Manufacturing and sales company

Automobile-related Products BusinessAircraft Component
Import and Sales Business(Consolidated subsidiary)
Mikuni Aerospace
Corporation
Asahi Air Supply Inc.

Sales Business

Sales company

Mikuni (Thailand) Co., Ltd.
Mikuni (Shanghai) Co., Ltd.
Tianjin Mikuni Co., Ltd.
Mikuni (Chengdu) Machinery &Electronics Co., Ltd.
Mikuni (Zhejiang) Co., Ltd.
Mikuni Mexicana S.A.de C.V.
PT. Mikuni Indonesia
Mikuni India Private Limited

Sales companies

MIKUNICORPORATION(the Company)

Household Appliances Device
Products Business, Aircraft Component Import andTurf-care Equipment,
etc. Sales Business,

External customers(Consolidated subsidiary)
Mikuni Green Service CO.,LTD.

Automobile-related Products BusinessHousehold Appliances Device
Products Business

Sales company

Automobile-related Products Business, Household Appliances Device Products Business

Automobile-related
Products Business(Consolidated subsidiary)
Mikuni Partec Corporation(Consolidated subsidiaries)

Components

Services

Basic concept regarding selection of accounting standards
The Group has prepared the consolidated financial statements in accordance with Japanese GAAP, andthere is no immediate plan to change its accounting standards. Concerning the policy for the applicationof IFRS, the Group will respond to this issue appropriately while giving consideration to various
circumstances in Japan and overseas.

-6-

4.

Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-7-

As of March 31, 2023

5,060
221
18,572
26
1,766
11,666
6,571
3,134
4,067
(76)
51,0103,712
134
19,930109
2,090
12,752
6,441
3,300
5,072
(143)
53,402

33,042(24,674)
8,367
53,094(40,231)
12,862
19,921(18,038)
1,883
11,8202,432
37,36533,865(25,430)
8,435
54,713(42,864)
11,84921,207(18,934)
2,273
11,701
3,490
37,749

1
809
810

–
797
797

5,846
34
803
1,202
(156)
7,729
45,906
96,917

6,453
53
733
1,076
(157)
8,158
46,705100,108

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Contract liabilities
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for product warranties
Provision for production sites reorganization
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for management board incentive plan trust
Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-8-

As of March 31, 2023

11,000
887
399
6,794
6,553
336
2,095
349
2,452
1,394
218
–
1,071
33,553

10,1741,929
770
10,808
4,101
366
1,835
417
2,703
1,444
284
1,418
1,324
37,57922,015
454
2,673
2,249
66
23
3,106
856
31,44464,99820,825
598
2,875
2,249
76
31
2,979
694
30,33067,9092,215
1,908
16,886(181)
20,8272,215
1,954
14,863(180)
18,852

2,709
13
5,282
2,096
133
10,236854
31,91896,917

3,117
73
5,282
3,831
273
12,579767
32,199100,108

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of income of entities accounted for using equity
methodForeign exchange gains
Rental income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Rental expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on forgiveness of debts
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on sale of shares of subsidiaries and associates
Production sites reorganization expenses
Other
Total extraordinary losses
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income (loss)
Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to owners of parent-9-

Fiscal year ended
March 31, 2023

80,78966,426
14,362
11,044
3,318

93,84778,577
15,26912,180
3,089

30
165

26
170

–

7

122
120
46
114
601

–
125
24
162
515

599

740

74

–

–
59
47
782
3,137

96
67
56
960
2,644

55
166
102
–
324

137
10
–
3
151

69
184
53
–
50
358
3,103
1,589
147
1,737
1,365
47
1,318

193
67
–
2,295
33
2,589
207
1,755
138
1,893
(1,686)(4)(1,682)

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2022
Net income (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

Fiscal year ended
March 31, 2023

1,365

(1,686)

(399)
(11)
2,218
273

407
59
1,765
140

17

26

2,099
3,465

2,400
714

3,369

659

96

54

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity
Total shareholders’equityShare capital

Capital surplus

Retained earnings

Treasury shares

2,215

1,923

15,566(197)

Balance at beginning of period
Cumulative effects of changes inaccounting policies

19,507326

Restated balance

2,215

1,923

326

15,893(197)

19,834

Changes during period
Dividends of surplus

(340)

(340)

Profit (loss) attributable to ownersof parent

1,318

1,318

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

15

15

Change in ownership interest ofparent due to transactions with
non-controlling interests(14)

Change in scope of consolidation

(1)

(14)
14

13

Net changes in items other thanshareholders’ equity–

Total changes during period
Balance at end of period

–

(15)

993

15

993

2,215

1,908

16,886(181)

20,827

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

3,108

25

5,282

(223)

(140)

8,053

835

28,396

Cumulative effects of changes inaccounting policies
Restated balance

326
3,108

25

5,282

(223)

(140)

8,053

835

28,723

Changes during period
Dividends of surplus(340)

Profit (loss) attributable to ownersof parent

1,318

Purchase of treasury shares(0)

Disposal of treasury shares

15

Change in ownership interest ofparent due to transactions with
non-controlling interests(14)

Change in scope of consolidation

13

Net changes in items other thanshareholders’ equity

(399)

(11)

–

2,320

273

2,183

18

2,202

Total changes during period

(399)

(11)

–

2,320

273

2,183

18

3,195

Balance at end of period

2,709

13

5,282

2,096

133

10,236854

31,918- 11 -

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Total shareholders’equityShare capital

Capital surplus

Retained earnings

Treasury shares

2,215

1,908

16,886(181)

Balance at beginning of period

20,827

Cumulative effects of changes inaccounting policies–

Restated balance

2,215

1,908

16,886(181)

20,827

Changes during period
Dividends of surplus
Profit (loss) attributable to ownersof parent

(340)

(340)

(1,682)(1,682)

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

1

1

Change in ownership interest ofparent due to transactions with
non-controlling interests

45

45

Change in scope of consolidation–

Net changes in items other thanshareholders’ equity–

Total changes during period
Balance at end of period–

45(2,022)0(1,975)

2,215

1,954

14,863(180)

18,852

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

2,709

13

5,282

2,096

133

10,236854

31,918Cumulative effects of changes inaccounting policies
Restated balance

–
2,709

13

5,282

2,096

133

10,236854

31,918Changes during period
Dividends of surplus(340)

Profit (loss) attributable to ownersof parent(1,682)

Purchase of treasury shares(0)

Disposal of treasury shares

1

Change in ownership interest ofparent due to transactions with
non-controlling interests

45

Change in scope of consolidation–

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

407

59

–

1,734

140

2,342

(86)

2,255

407

59

–

1,734

140

2,342

(86)

280

3,117

73

5,282

3,831

273

12,579767

32,199- 12 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Gain on forgiveness of debt
Impairment losses
Production sites reorganization expenses
Subsidy income
Interest and dividend income
Interest expenses
Loss (gain) on sale and retirement of non-current assets
Share of loss (income) of entities accounted for using
equity method
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in trade receivables and contract
assetsDecrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from sale of shares of subsidiaries andassociates
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2023

3,103
4,762
1
(102)
184
–
(46)
(196)
599
14

207
5,149
1
–
67
2,295
(24)
(196)
740
56

74

(7)

209
(67)
142
(10)

76
57
41
54

1,361

(858)

(1,402)
260
139
(319)
(2,007)
6,703
220
(596)
55
(1,304)
5,078

(273)
306
(287)
(163)
(165)
7,076
87
(722)
28
(1,588)4,880(3,178)
622
(178)
(25)
194
(44)

(5,761)
713
(378)
–
13
(57)

194

–

29
14
(2,371)32(4)(5,441)

(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Increase in cash and cash equivalents resulting frommergerCash and cash equivalents at end of period- 14 -

Fiscal year ended
March 31, 2023

(810)
3,982
(4,935)
(0)

3,831
2,692
(6,572)
(0)

–

(21)

(340)
(100)
(270)
(2,474)

(341)
(144)
(385)
(940)

394

154

626
4,249

(1,347)
5,060

36

–

147

–

5,060

3,712

(5) Notes to consolidated financial statements(Notes on premise of going concern)
Not applicable.
(Changes in accounting policies)(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, June 17, 2021) from the beginning of the current fiscal year, anddecided to apply the new accounting policies prescribed in the Implementation Guidance on AccountingStandard for Fair Value Measurement prospectively in accordance with the transitional measures provided
for in paragraph 27-2 of the Implementation Guidance on Accounting Standard for Fair Value
Measurement. This change does not affect the financial statements for the current fiscal year.
(Change in presentation)(Consolidated statement of income)“Litigation settlement-related expenses,” which was presented separately under “Extraordinary
losses” in the previous fiscal year is included in “Other” in the current fiscal year due to its decreasedmateriality. To reflect this change in presentation, the consolidated financial statements for theprevious fiscal year have been reclassified.

- 15 -

(Segment information, etc.)[Segment information]
1. Outline of reportable segments
The reportable segments of the Group are components of the Group that have separate financial
information available and are periodically examined to enable the Board of Directors to makedecisions on the allocation of management resources and evaluate the results of businessperformance.
The Company establishes comprehensive domestic and overseas strategies for each product andservice, and undertakes business activities in cooperation with group companies.
The Group accordingly consists of segments by product and service, with four reportable segments:
Automobile Products-related Business, Household Appliances Device Products Business, Aircraft
Component Import and Sales Business, and Turf-care Equipment, etc. Sales Business.
The Automobile Products-related Business mainly manufactures and sells fuel supply systems forautomobiles, motorcycles, and general purpose engines and engine-related functional components.
The Household Appliances Device Products Business mainly manufactures and sells control systems
for gas appliances and water appliances. The Aircraft Component Import and Sales Business mainly
imports and sells aircraft components. The Turf-care Equipment, etc. Sales Business mainly sells
turf-care equipment, etc.

2. Calculation method for the amounts of net sales, income/loss, assets and other items by reportablesegment
The accounting method for reportable segments is, in general, the same as that used to prepare
consolidated financial statements.
Segment profit (loss) of reportable segments is provided on an operating income (loss) basis.

- 16 -

3. Information regarding the amounts of net sales, income/loss, assets and other items by reportablesegment
Fiscal year ended March 31, 2022 (April 1, 2021 to March 31, 2022)(Millions of yen)
Reportable segment
HouseholdAircraft
Automobile
Turf-care
Appliances Component
ProductsEquipment,
DeviceImport andrelatedetc. Sales
Products
Sales

Total

Other
Businesses(Note)

Total

Amounts
reported in
Adjustthements consolidated
financialstatements

Net sales
To external customers
66,245
6,753
1,615
3,877
78,492
2,297
80,789–80,789Inter-segment sales or
–
–
–
–
–
–
–
–
–
transfers
Total
66,245
6,753
1,615
3,877
78,492
2,297
80,789–80,789Segment profit (loss)
3,567
(491)
286
(33)
3,328
(10)
3,318
–
3,318
Segment assets
74,694
6,415
8,092
5,311
94,513
2,403
96,917–
96,917
Other items
Depreciation
4,330
286
65
31
4,714
48
4,762
–
4,762
Amortization of
–
–
–
–
–
1
1
–
1
goodwill
Investments in entities
accounted for using
–
315
–
–
315
–
315
–
315
equity method
Increase in property,
plant and equipment
2,718
310
39
34
3,103
59
3,163
–
3,163
and intangible assets(Note) The “Other Businesses” category refers to a business segment not included in reportable segments including suchbusinesses as manufacturing and sales of vehicle heaters and welfare and care devices, etc.

Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segment
HouseholdAircraft
Automobile
Turf-care
Appliances Component
ProductsEquipment,
DeviceImport andrelatedetc. Sales
Products
Sales

Total

Other
Businesses(Note)

Total

Amounts
reported in
Adjustthements consolidated
financialstatements

Net sales
To external customers
77,197
6,786
2,545
4,806
91,3372,509
93,847–
93,847
Inter-segment sales or
–
–
–
–
–
–
–
–
–
transfers
Total
77,197
6,786
2,545
4,806
91,3372,509
93,847–
93,847
Segment profit (loss)
3,362
(636)
347
63
3,137
(48)
3,089
–
3,089
Segment assets
75,251
7,568
9,960
4,965
97,7462,362 100,108–
100,108
Other items
Depreciation
4,705
312
38
43
5,099
49
5,149
–
5,149
Amortization of
–
–
–
–
–
1
1
–
1
goodwill
Investments in entities
accounted for using
–
345
–
–
345
–
345
–
345
equity method
Increase in property,
plant and equipment
5,240
415
74
87
5,817
76
5,893
–
5,893
and intangible assets(Note) The “Other Businesses” category refers to a business segment not included in reportable segments including suchbusinesses as manufacturing and sales of vehicle heaters and welfare and care devices, etc.

- 17 -

(Per share information)
Fiscal year ended March 31, 2022
(from April 1, 2021
to March 31, 2022)

Fiscal year ended March 31, 2023
(from April 1, 2022
to March 31, 2023)

Net assets per share

925.67 yen

936.50 yen

Basic income (loss) per share

39.31 yen(50.13) yen

Item(Notes)

1. Diluted earnings per share is not presented since no potential shares exist.
2. The shares of the Company that remain in trust and are recorded as treasury shares in shareholders’ equity areincluded in treasury shares that are excluded from the recording of the average number of shares during theperiod in calculating the amount of basic income (loss) per share, and are included in the number of treasury
shares that are excluded from the total number of issued shares at the end of the period in calculating net
assets per share.
Number of treasury shares at the end of the period deducted in calculating net assets per share
Fiscal year ended March 31, 2022
454,380 sharesFiscal year ended March 31, 2023
450,580 shares
Average number of treasury shares during the period deducted in calculating the basic income (loss) per share
Fiscal year ended March 31, 2022
464,749 sharesFiscal year ended March 31, 2023
452,580 shares

3. The basis of the calculation of basic income (loss) per share is as follows:
Fiscal year ended March 31, 2022 Fiscal year ended March 31, 2023
Item(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Net profit (loss) attributable to owners of
1,318(1,682)parent (million yen)Amounts not attributable to common––shareholders (million yen)
Net profit (loss) attributable to owners ofparent available to common shares (million
1,318(1,682)yen)
Average number of shares during the period
33,549,007
33,560,925(shares)(Significant subsequent events)
Not applicable.

- 18 -